Mideast oil producers step up plans to bypass the Strait of Hormuz

Middle East oil producers are accelerating plans to invest billions in pipeline alternatives to bypass the Strait of Hormuz. This strategic shift follows Iranian attacks that have reduced ship traffic to a trickle and caused oil prices to surge. Prior to the conflict in Iran, approximately 15 million barrels of Persian Gulf oil were transported daily through the Strait. Gulf states now aim to secure oil exports by establishing these new routes within a few years.